Indirect valuation and earnings stability within-company use of the earnings multiple

This paper investigates statistical significance of earnings stability in the within-company indirect valuation method. We empirically establish superiority of a within-company earnings multiple valuation technique for the relatively most stable companies. Favorable empirical results are robust agai...

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Veröffentlicht in:	Annual Conference on Finance and Accounting (18. : 2017 : Prag) The impact of globalization on international finance and accounting
1. Verfasser:	Kaszas, Michal (VerfasserIn)
Weitere Verfasser:	Janda, Karel (VerfasserIn)
Format:	UnknownFormat
Sprache:	eng
Veröffentlicht:	2018
Schlagworte:	Company valuation > Earnings properties > Investment decision > Aufsatz im Buch > Kongressbeitrag
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Zusammenfassung:	This paper investigates statistical significance of earnings stability in the within-company indirect valuation method. We empirically establish superiority of a within-company earnings multiple valuation technique for the relatively most stable companies. Favorable empirical results are robust against different means of operationalization of the stability construct and valuation multiples. Results of this paper indicate that the indirect within-company price-to-earnings valuation yields the most precise and the most accurate value estimates.
ISBN:	9783319886558 9783319687612 3319687611